In general, people believe they are ‘rational’ and that they make decisions based on facts, which will lead to effective solutions. However this is simply not the case. We are all prone to making decisions that are far from rational. Knowing how this affects your client, staff and boss can help you influence them. Further, it can help you question if you are introducing any bias into your own decision making.
This is super important for any public speaking situation.
Cognitive bias is one of the reasons why we don’t always make the best decisions. Cognitive bias comes in many forms and can be characterised by the tendency to make a decision and take action on insufficient information, overconfidence or reliance on past experience.
In business this can be a mistake. The wrong decision can cost your business financially and compromise your market position. An awareness of the types of bias that exist can help you overcome them.
Here are three of the most common cognitive biases prevalent in the business world:
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